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HDFC Bank Chairman Atanu Chakraborty has resigned abruptly, citing ethical reasons. His decision has caused a stir within the banking sector and has raised numerous questions among investors.
HDFC Chairman Atanu Chakraborty (Image Source: Internet)
New Delhi: Atanu Chakraborty resigned from his positions as part-time chairman and independent director of HDFC Bank, effective immediately, on March 18, 2026. His decision has sent ripples through the banking sector.
In his resignation letter, he stated that over the past two years, he observed certain practices and operational matters within the bank that were not aligned with his personal values and ethics. It was for this reason that he decided to take this step.
He clarified in his letter that this was the sole primary reason behind his resignation and that there were no other significant factors involved. The bank reiterated this same point in its disclosure to the stock exchanges.
Following the resignation, the Reserve Bank of India (RBI) has approved the appointment of Keki Mistry as the interim part-time chairman. He will assume this responsibility for a period of three months, commencing March 19.
Atanu Chakraborty had joined the Board in May 2021. During his tenure, the major merger between the bank and HDFC Ltd. took place—an event that established the bank as the second-largest in the country.
However, he also noted that the full benefits of this merger are yet to manifest. Consequently, his resignation comes at a juncture when the bank is undergoing a significant phase of transition.
This resignation could potentially impact the bank's reputation and investor confidence. Questions are bound to arise, particularly given that the stated reasons for the resignation involve "internal operations and ethical issues."
